Loan Modification

Two Sentenced in Mortgage Fraud and Tax Fraud Schemes

Posted on October 30, 2010
MADISON, WI?John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that Carlos R. Solis and Marty G. Mendez were sentenced yesterday by U.S. District Judge William M. Conley in prosecutions stemming from a federal mortgage fraud and tax fraud investigation...

Former LaCoste National Bank President Pleads Guilty

Posted on October 29, 2010
United States Attorney John E. Murphy announced that in San Antonio, former LaCoste National Bank president Jodi P. Gwyn faces between three and five years in federal prison and restitution totaling more than $8 million after pleading guilty this afternoon to one count of making false entries in bank books and records...

Mortgage fraud, bank bailouts continue

Posted on October 29, 2010
The lifting of the major banks? ?foreclosure moratoriums? ? which had been instituted to stem the outcry over massive fraud in the processing of foreclosure documents ? demonstrates the necessity for the working class to launch a struggle to win a genuine two-year moratorium on foreclosures and evictions predicated on the premise that housing is [...

Fugitive Ohio Executive Previously Convicted for Role in $2.8 Billion Fraud Arrested in Mexico

Posted on October 28, 2010
WASHINGTON?Former National Century Financial Enterprises (NCFE) executive Rebecca S. Parrett, 62, has been arrested in Mexico, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division, U.S. Attorney Carter M. Stewart for the Southern District of Ohio and U...

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Two Sentenced in Mortgage Fraud and Tax Fraud Schemes

Posted on October 28, 2010
MADISON, WI?John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that Carlos R. Solis and Marty G. Mendez were sentenced yesterday by U.S. District Judge William M. Conley in prosecutions stemming from a federal mortgage fraud and tax fraud investigation...

Downey Man Agrees to Plead Guilty in Multi-Million-Dollar Fraud that Bilked Investors and Homeowners

Posted on October 27, 2010
Juan Rangel Agrees to Serve 15-Year Sentence for Targeting Spanish-Speaking Victims and Stealing Their Savings and Titles to their Homes LOS ANGELES?A Downey man has agreed to plead guilty to federal fraud and money laundering charges, admitting that he ran two fraudulent operations?a Ponzi scheme that took in $30 million from more than 300 victims [...

Former Bank Vice President Sentenced to 55 Months in Federal Prison for Embezzling More Than $1 Million

Posted on October 27, 2010
David B. Fein, United States Attorney for the District of Connecticut, announced that ROBERT A. NIXON, 48, of Maynard Road, East Haven, was sentenced today by United States District Judge Janet Bond Arterton in New Haven to 55 months of imprisonment, followed by three years of supervised release, for embezzling more than $1 million from [...

The NYFed (Finally) Turns on the Bank Frauds: Bank of America?s Foreclosuregate

Posted on October 26, 2010
In a surprising turn of events, the NYFed?no less?has gone after the Bank of America for its fraudulent mortgage business. Yes, the former home to Treasury Secretary Geithner–the best friend Wall Street has ever had–is now acting like the lapdog that bites the hand that feeds...

Downey Man Agrees to Plead Guilty in Multi-Million-Dollar Fraud that Bilked Investors and Homeowners

Posted on October 26, 2010
Juan Rangel Agrees to Serve 15-Year Sentence for Targeting Spanish-Speaking Victims and Stealing Their Savings and Titles to their Homes LOS ANGELES?A Downey man has agreed to plead guilty to federal fraud and money laundering charges, admitting that he ran two fraudulent operations?a Ponzi scheme that took in $30 million from more than 300 victims [...

Foreclosure Fraud Fall-out

Posted on October 25, 2010
As the most massive, systemic fraud in the history of human commerce continues to unfold before us, there is no lack of topics and issues ? while we poke through these cesspools of Wall Street slime. By now, everyone has heard ad nauseum the announcements by U...

Fraudster Sentenced in Manhattan Federal Court to 20 Years in Prison for Perpetrating Multi-Million-Dollar Advance-Fee Scheme and Bankruptcy Fraud

Posted on October 25, 2010
PREET BHARARA, United States Attorney for the Southern District of New York, announced that CLYDE “PETER” HALL was sentenced today in Manhattan federal court to 20 years in prison for defrauding investors of millions of dollars by fraudulently promising them access to high-yield investment programs and bank instruments with purported high rates of return...

Frequently Asked Questions About Loan Modification

Posted on October 24, 2010
A Loan Modification is a permanent change in one or more of the terms of a Mortgagor’s loan, allows the loan to be reinstated, and results in a payment the Mortgagor can afford. Question 1: In utilizing the Loan Modification option to bring an asset current, can the Mortgagee include all fees and corporate advances?? [...

Obama task force probing banks on foreclosures, criminal charges possible

Posted on October 24, 2010
In the still-developing “mortgagegate” scandal, the Obama White House is pledging its loyalties to the letter of the law, vowing Tuesday to hold “accountable” any bank that engaged in foreclosure fraud. “As institutions are determining their next steps in addressing these issues, we remain committed to holding accountable any bank that has violated the law,” [...

Two New Jersey Men Charged with $7 Million Dollar Mortgage Fraud Scheme Involving More Than 50 Residential Properties

Posted on October 23, 2010
NEWARK, NJ?A former mortgage broker and his purported co-conspirator in a mortgage fraud scheme were arrested today on a criminal complaint which alleges they conspired to defraud various mortgage lenders of more than $7 million by conducting at least 50 fraudulent real estate transactions involving residential properties in New Jersey, U...

Realtor Receives 10 Year Prison Sentence in Large-Scale Mortgage Fraud Ring

Posted on October 23, 2010
BOSTON, MA?A realtor convicted of conspiracy and wire fraud by a federal jury in June was sentenced late yesterday for various roles in a mortgage fraud ring that conducted 21 fraudulent property transactions in the Greater Boston area involving 10 mortgage lenders and more than $10...

Founder of the Cobalt Companies Sentenced in Manhattan Federal Court to 85 Years in Prison for $23 Million Real Estate Fraud Scheme

Posted on October 22, 2010
PREET BHARARA, the United States Attorney for the Southern District of New York, announced that MARK ALAN SHAPIRO, the founder of the Cobalt Companies was sentenced today to 85 years in prison on charges stemming from a fraud that raised more than $23 million from over 250 investors in private placement real estate offerings...

Bank Employee Admits to Falsifying Documents to Obtain Over $1.2 Million in Home Mortgage Loans

Posted on October 22, 2010
Caused Loss of Over $850,000 to Banks GREENBELT, MD?Lynzi Malissa Richardson, age 31, of Glenn Dale, Maryland, pleaded guilty today to conspiring to commit wire fraud in connection with making false statements to obtain three home mortgages within a three month period...

La Crosse Man Pleads Guilty to Bank Fraud

Posted on October 21, 2010
MADISON, WI?John W. Vaudreuil, United States Attorney for the Western District of Wisconsin, announced that Dennis J. Deeny, 58, of La Crosse, Wis., pleaded guilty Thursday, October 14, in U.S. District Court in Madison to bank fraud. U.S. District Judge William M...

Emanuel County Couple Sentenced in Mortgage Fraud Scheme

Posted on October 21, 2010
STATESBORO, GA?BRIAN STEPTOE, 41, and NATASHA STEPTOE, 38, both from Emanuel County, Georgia, were sentenced yesterday in federal district court for their roles in a mortgage fraud scheme that occurred in Swainsboro, Georgia. ?The U.S. Attorney?s Office will continue to work with law enforcement partners to investigate and prosecute those who engage in financial crimes, [...

New York Couple Charged With Bank Fraud

Posted on October 20, 2010
PREET BHARARA, the United States Attorney for the Southern District of New York, JANICE K. FEDARCYK, the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), and PETER ZEGARAC, the Inspector-in- Charge of the New York Division of the United States Postal Inspection Service (“USPIS”), announced that PAULETTE GABBIDON, a/k/a [...

PA Mortgage Broker Sentenced for Fraud

Posted on October 20, 2010
Frank J. Dattilo, 64, Holland, Pennsylvania, was sentenced to 15 months in prison for a scheme to defraud mortgage lenders in an effort to obtain money and property. Dattilo was the owner and operator of the mortgage brokerage firm Provident Financial Group (?PFG?), located in Bensalem, PA...

Don?t Be a Victim of Mortgage Fraud

Posted on October 19, 2010
Mortgage fraud has become more prevalent throughout the nation and especially so in Georgia, particularly the Atlanta metropolitan area. Mortgage fraud has wreaked havoc on neighborhoods, ruined individuals? credit standing, and caused many millions of dollars of losses in Georgia...

Mortgage Fraud Soaring, FBI Reports

Posted on October 19, 2010
As expected in a distressed housing market, cases of mortgage fraud referred to U.S. law enforcement agencies increased 36 percent to 63,713 during fiscal year (FY) 2008, compared to 46,717 reports in FY 2007, according to a new report from the Federal Bureau of Investigation (FBI)...

SolomonEdwardsGroup (SEG) Announces It Has Teams Ready to Solve Robo-Signing and Other Mortgage Document Issues

Posted on October 18, 2010
SolomonEdwardsGroup, LLC (SEG), a national financial services consulting and staffing firm, today introduced a solution to the foreclosure documentation crisis centered on its team of more than 300 consultants. The SEG consultants have hands-on experience identifying and providing remediation for significant loan documentation problems...

Mortgage Loan Fraud: 45% Of American Home Owners Have Been Overcharged

Posted on October 18, 2010
BEND, OR- According to government studies by the Federal Deposit Insurance Company (FDIC), the General Accounting Office (GAO) and others, mortgage loan fraud and home loan errors are costing average Americans 8 to 10 billion every year. The most common home loan errors range from data entry and accounting errors to amortization and date errors...

Former CEO of Worldwide Financial Resources Pleads Guilty to Fraudulent Real Estate Loan Scheme

Posted on October 17, 2010
Former CEO of Worldwide Financial Resources Pleads Guilty to $11 Million Fraudulent Loan Scheme TRENTON, NJ?The former CEO of Worldwide Financial Resources, a New Jersey-based mortgage origination firm, pled guilty today to wire fraud in connection with an $11 million fraudulent loan scheme, U...

Wolcott Man Admits Participating in Scheme that Defrauded Webster Bank of Millions

Posted on October 17, 2010
David B. Fein, United States Attorney for the District of Connecticut, today announced that KEVIN W. CAFFREY, 45, of Wolcott, pleaded guilty yesterday, October 14, before United States District Judge Janet C. Hall in Bridgeport to one count of bank fraud and one count of filing a false tax return...

Chief Operating Officer of Money Service Company Guilty in Defrauding Banks, Retailers, Hospitals, and Universities

Posted on October 16, 2010
Chief Operating Officer of Money Service Company Pleads Guilty in Manhattan Federal Court to Defrauding Banks, Retailers, Hospitals, and Universities Out of Over $50 Million PREET BHARARA, the United States Attorney for the Southern District of New York, announced that BERNARD McGARRY, the Chief Operating Officer of Mount Vernon Money Center (“MVMC”), pled guilty yesterday [...

Northern Virginia Couple Indicted for Conspiracy, Bank Fraud and Tax Evasion

Posted on October 16, 2010
WASHINGTON ? A federal grand jury in Alexandria, Va., returned an indictment against a married couple from Fairfax Station, Va., for conspiracy, bank fraud and tax evasion, the Justice Department today announced. According to the indictment, Kevin and LuAnn Shaffer were co-owners of a Manassas, Va...

Former Bank Branch Manager Charged in Mortgage Scam

Posted on October 15, 2010
BOSTON, MA?A former Bank of America branch manager was charged today in federal court with wire fraud and bank fraud for his role in connection with a multi-year, multiproperty mortgage fraud scheme in Dorchester and Roxbury. ARTHUR SAMUELS, 36, of Mattapan, was charged in an Indictment with six counts of wire fraud and one count [...

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